Breakout towards the downside of the long held support level. THE SYMMETRICAL TRIANGLE CHART PATTERN.
Symmetrical triangles, sometimes called coils. Price trend can be any direction leading to the chart pattern.
Shape looks triangular in shape. Prices move between two converging trendlines.
Two trendlines bound prices; the bottom trendline slopes up and the top one slopes down.
Price must cross the pattern from side to side, filling the triangle with price movement, not white space.
Price must touch one trendline at least three times and the other trendline at least twice, forming distinct valleys and peaks.
Volume trends downward 86% of the time.
Breakout 74% of the way for downward breakouts. The price of XRPUSD isn't looking good at the moment.
The breakout to the down side has just happened with retest of the support which is now the new resistance. The consolidation pattern of the symmetrical triangle forms as volume recedes. Then, price breaks out downward.
The targets is the near support of 2018 at $0.25189.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
Symmetrical triangles, sometimes called coils. Price trend can be any direction leading to the chart pattern.
Shape looks triangular in shape. Prices move between two converging trendlines.
Two trendlines bound prices; the bottom trendline slopes up and the top one slopes down.
Price must cross the pattern from side to side, filling the triangle with price movement, not white space.
Price must touch one trendline at least three times and the other trendline at least twice, forming distinct valleys and peaks.
Volume trends downward 86% of the time.
Breakout 74% of the way for downward breakouts. The price of XRPUSD isn't looking good at the moment.
The breakout to the down side has just happened with retest of the support which is now the new resistance. The consolidation pattern of the symmetrical triangle forms as volume recedes. Then, price breaks out downward.
The targets is the near support of 2018 at $0.25189.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.